F1

Question 1

SFAC #7: The element of present value measurement used to establish the value of assets or liabilities using cash flows

Answer 1

UVOTE

U - Uncertainty
V - Variation of Future Cash Flows
O - Other Factors (Liquidity issues) 
T - Time Value of Money
E - Estimate of Future Cash Flow

Question 2

Predictive Value

Answer 2

Forecasting Future Outcomes

Question 3

Confirming Value

Answer 3

Provides feedback about evaluations previously made by users

Question 4

Replacement Cost

Answer 4

The amount of cash or its equivalent that would be paid to acquire or replace an asset currently. (Acquisition Cost)

Question 5

Current Market Value (Fair Value)

Answer 5

The price to sell (not acquire) an asset

Question 6

Net Realizable Value

Answer 6

The selling price of an asset less any disposal costs

Question 7

Exposure Drafts

Answer 7

Amendments to the Accounting Standards Codification for new U.S. GAAP are issued for public comment.

A Majority vote of the board members is required to approve an Exposure Draft.

Question 8

Accounting Standards Updates

Answer 8

Are NOT authoritative literature, but provide background information, update the codification, and describe the basis for conclusions on changes in the Codification.

Question 9

Large Accelerated Filer

Answer 9

More than $700M&raquo_space; Non-voting Common Equity

60 Days after end of Fiscal Year Filing for 10K

40 Days after Fiscal Quarter 10Q

The issuer had an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of $700 million or more.

Question 10

Accelerated Filer

Answer 10

Between $75M - $700M

The issuer had an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of $75 million or more, but less than $700 million

Question 11

10-K Filing Date?

Answer 11

60 Days - Large Accelerated Filers ($700M+)

75 Days - Accelerated Filers ($70-$700M)

90 - All other Registrants (Under $70M)

Question 12

10-Q Filing Date?

Answer 12

40 Days = Large Accelerated ($700M+)

45 Days = All Other Registrants

Question 13

When is the Equity for Large/ Accelerated Filers looked at?

Answer 13

Outstanding common equity held by non-affiliated on the last business day of the issuers most recently completed second fiscal quarter.

Question 14

What is a form 11-K?

Answer 14

The annual report of a company’s employee benefit plan.

Question 15

Form 20-F and 40-F?

Answer 15

Filed annually by foreign private issuers. Similar to a 10-K

40-F = Canadian companies registered with the SEC

20-F = Other non-U.S registrants.

Question 16

Form 6-K?

Answer 16

Filed Semi-Annually by Foreign private issuers/ Similar to a 10-Q

Question 17

Form 8-K?

Answer 17

Major corporate events, such as corporate asset acquisitions or disposals, changes in securities and trading markets, changes to accounts or financial statements, changes in corporate governance or management.

Question 18

Form 3, 4, and 5?

Answer 18

Required by directors, officers, or beneficial owners of more than 10% of a class of equity securities or a registered company.

Question 19

Audited Financial Statements - How many Balance Sheets, Income Statements, and CFs for GAAP?

Answer 19

BS = 2
IS/CF = 3

Must included balance sheets for the two most recent fiscal years and statements of income, changes in owner’s equity, and cash flows for each of the three fiscal years preceding the date of the most recent audited balance.

Question 20

Audited Financial Statements - How many Balance Sheets, Income Statements, and CFs for IFRS?

Answer 20

At Min: 
2 = B/S
2 = Statements of Comprehensive Income
2 = Changes in Equity
2= CF and Notes

Question 21

XBRL

Answer 21

Extensible Business Reporting Language - XML and XBRL tell computers how to interpret the context of text.

Question 22

FASB

Answer 22

Financial Accounting Standards Board - 1973 -> independent full-time organization that determines GAAP.

7 Full-time members, who serve for 5 year terms and may be reappointed on additional 5 year term.

Question 23

Accounting Standards Updates

Answer 23

Not authoritative literature, provide background information, update the codification, and describe the basis fro conclusions on changes in the Codification.

Question 24

The Codification is composed of the following literature that has bee issued by various standard setters:

Answer 24

FEDPRIA

FASB - Financial Accounting Standards Board

Emerging Issues Task Force (EITF) abstracts and Topic D

Derivative Implementation Group Issue

Accounting Principals Board Opinions

Accounting Research Bulletins

Accounting Interpretations

American Institute of Certified Public Accountants (AICPA)

Question 25

IASB

Answer 25

International Accounting Standards Board (IASB)

15 full-time members and two part-time members who are selected to provide a mix of practical experience among auditors, prepares, users, and academics.

Question 26

IFRIC

Answer 26

International Financial Reporting Interpretation Committee (IFRIC)

The IFRIC provides guidance on newly identified financial reporting issues not addressed in the IFRSs and assists the IASB in achieving international convergence of accounting standards.